OVERVIEW Over the next two years, we expect the Swedish Municipality of Sundsvall to contain spending on social services and maintain sound budgetary performance, despite increasing investment needs. We expect Sundsvall's management to use its flexibility and enforce strict budget discipline in 2014 to 2016. We are affirming our 'AA+/A-1+' and 'K-1' ratings on Sundsvall. The stable outlook reflects our expectation that Sundsvall will manage budgetary pressures while retaining sound budgetary performance and strong liquidity in our base case through to 2016. RATING ACTION On Oct. 10, 2014, Standard&Poor's Ratings Services affirmed its 'AA+' long-term and 'A-1+' short-term issuer credit ratings on the Swedish Municipality of Sundsvall. The outlook is stable. At the same time, we affirmed our
